General Partnership Agreement of A Business - Free Download
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General Partnership Agreement of a Business
Owned by Individuals
ARTICLES OF PARTNERSHIP OF ^ABCD ASSOCIATES
ARTICLES OF PARTNERSHIP of ^, ^, ^, and ^, dated ^, 19^.
RECITAL
The parties hereto wish:
(a) to enter together into the business of purchasing, acquiring, operating, leasing,
owning and selling real property, including but not limited to that certain parcel of land
described on Exhibit A hereto and all improvements constructed thereon and
(b) in order to provide for and carry out the foregoing, to form and do business as a
general partnership under and pursuant to Illinois law.
NOW THEREFORE, in consideration of the premises and the mutual covenants and
agreements set forth herein, the parties agree as follows:
Definitions
As used in this Agreement the terms listed below will have the meanings stated below,
and other terms defined elsewhere will have the meanings there ascribed to them:
"Agreement" or "this Agreement": these Articles of Partnership.
"Bankruptcy": with respect to any Person, shall mean that such Person shall have
become insolvent or generally failed to pay, or admitted in writing his or its inability to pay,
debts as they become due; or shall have applied for, consented to, or acquiesced in the
appointment of, a trustee, receiver or other custodian for such Person or any property of such
Person, or such Person makes a general assignment for the benefit of creditors; or, in the
absence of such application, consent or acquiescence, a trustee, receiver or other custodian is
appointed for such Person or for a substantial part of the property of such Person and is not
discharged with sixty days; or any bankruptcy, reorganization, debt arrangement, or other case
or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation
proceeding is commenced in respect of such Person and if such case or proceeding is not
commenced by such Person, it is consented to or acquiesced in by such Person or remains for
sixty days undismissed; or such Person takes any action to authorize, or in furtherance of, any
of the foregoing.
"Partner": each or any of the parties hereto and any other Person or entity that may
hereafter become a partner of this Partnership pursuant to the terms of this Agreement.
"Partnership": the general partnership formed under and pursuant to this Agreement.
"Person": a natural person, partnership, corporation, unincorporated association, trust,
estate or any other entity.
